SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS
FILED PURSUANT TO RULE 13d-1(a) AND AMENDMENTS
THERETO FILED PURSUANT TO RULE 13d-2(a)
UGC Europe, Inc.
--------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, par value $0.01 per share
--------------------------------------------------------------------------------
(Title of Class of Securities)
90268P 10 2
--------------------------------------------
(CUSIP Number)
Dennis J. Block, Esq.
Cadwalader, Wickersham & Taft LLP
100 Maiden Lane
New York, NY 10038
(212) 504-5555
--------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive
Notices and Communications)
October 17, 2003
--------------------------------------------------------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the
following box [ ].
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7(b) for other
parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
---------------------- ------------------
CUSIP No. 90268P 10 2 SCHEDULE 13D Page 2 of 51
---------------------- ------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Perry Corp.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
WC
--------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e)[ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
952,525
NUMBER OF
SHARES --------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY 0
OWNED BY
--------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
952,525
REPORTING
PERSON --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH 0
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,958,695*
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions) [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.9%*
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
IA, CO
--------------------------------------------------------------------------------
* See Item 5 herein.
--------------------------------------------------------------------------------
---------------------- ------------------
CUSIP No. 90268P 10 2 SCHEDULE 13D Page 3 of 51
---------------------- ------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Richard C. Perry
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
N/A
--------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e)[ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
952,525
NUMBER OF
SHARES --------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY 0
OWNED BY
--------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
952,525
REPORTING
PERSON --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH 0
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,958,695*
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions) [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.9%*
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
HC, IN
--------------------------------------------------------------------------------
* See Item 5 herein.
--------------------------------------------------------------------------------
---------------------- ------------------
CUSIP No. 90268P 10 2 SCHEDULE 13D Page 4 of 51
---------------------- ------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Everest Capital Limited
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
WC
--------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e)[ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
576,521
NUMBER OF
SHARES --------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY 0
OWNED BY
--------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
576,521
REPORTING
PERSON --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH 0
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,958,695*
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions) [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.9%*
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
IA, CO
--------------------------------------------------------------------------------
* See Item 5 herein.
--------------------------------------------------------------------------------
---------------------- ------------------
CUSIP No. 90268P 10 2 SCHEDULE 13D Page 5 of 51
---------------------- ------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Salomon Brothers Asset Management Inc
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
WC
--------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e)[X]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF
SHARES --------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY 1,700,880
OWNED BY
--------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
0
REPORTING
PERSON --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH 1,700,880
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,958,695*
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions) [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.9%*
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
CO
--------------------------------------------------------------------------------
* See Item 5 herein.
--------------------------------------------------------------------------------
---------------------- ------------------
CUSIP No. 90268P 10 2 SCHEDULE 13D Page 6 of 51
---------------------- ------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Citigroup Financial Products Inc. (f/k/a Salomon Brothers Holding
Company Inc)
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
WC
--------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e)[X]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF
SHARES --------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY 1,700,880
OWNED BY
--------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
0
REPORTING
PERSON --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH 1,700,880
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,958,695*
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions) [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.9%*
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
HC
--------------------------------------------------------------------------------
* See Item 5 herein.
--------------------------------------------------------------------------------
---------------------- ------------------
CUSIP No. 461120 10 7 SCHEDULE 13D Page 7 of 51
---------------------- ------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Citigroup Global Markets Holdings Inc. (f/k/a Salomon Smith Barney
Holdings Inc.)
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
WC
--------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e)[X]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF
SHARES --------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY 1,700,880
OWNED BY
--------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
0
REPORTING
PERSON --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH 1,700,880
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,958,695*
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions) [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.9%*
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
CO
--------------------------------------------------------------------------------
* See Item 5 herein.
--------------------------------------------------------------------------------
---------------------- ------------------
CUSIP No. 461120 10 7 SCHEDULE 13D Page 8 of 51
---------------------- ------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Citigroup Inc.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
WC
--------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e)[X]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF
SHARES --------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY 1,700,880
OWNED BY
--------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
0
REPORTING
PERSON --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH 1,700,880
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,958,695*
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions) [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.9%*
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
HC
--------------------------------------------------------------------------------
* See Item 5 herein.
--------------------------------------------------------------------------------
---------------------- ------------------
CUSIP No. 461120 10 7 SCHEDULE 13D Page 9 of 51
---------------------- ------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Silver Point Capital Fund, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
WC
--------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e)[ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF
SHARES --------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY 255,257
OWNED BY
--------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
0
REPORTING
PERSON --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH 255,257
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,958,695*
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions) [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.9%*
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
PN
--------------------------------------------------------------------------------
* See Item 5 herein.
--------------------------------------------------------------------------------
---------------------- ------------------
CUSIP No. 461120 10 7 SCHEDULE 13D Page 10 of 51
---------------------- ------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Silver Point Capital General Partner, LLC
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
WC
--------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e)[ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF
SHARES --------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY 255,257
OWNED BY
--------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
0
REPORTING
PERSON --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH 255,257
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,958,695*
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions) [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.9%*
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
PN
--------------------------------------------------------------------------------
* See Item 5 herein.
--------------------------------------------------------------------------------
---------------------- ------------------
CUSIP No. 461120 10 7 SCHEDULE 13D Page 11 of 51
---------------------- ------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Silver Point Capital Holdings, LLC
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
WC
--------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e)[ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF
SHARES --------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY 255,257
OWNED BY
--------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
0
REPORTING
PERSON --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH 255,257
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,958,695*
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions) [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.9%*
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
OO
--------------------------------------------------------------------------------
* See Item 5 herein.
--------------------------------------------------------------------------------
---------------------- ------------------
CUSIP No. 461120 10 7 SCHEDULE 13D Page 12 of 51
---------------------- ------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Silver Point Partners
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
WC
--------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e)[ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF
SHARES --------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY 255,257
OWNED BY
--------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
0
REPORTING
PERSON --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH 255,257
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,958,695*
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions) [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.9%*
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
PN
--------------------------------------------------------------------------------
* See Item 5 herein.
--------------------------------------------------------------------------------
---------------------- ------------------
CUSIP No. 461120 10 7 SCHEDULE 13D Page 13 of 51
---------------------- ------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Silver Point Capital, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
WC
--------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e)[ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF
SHARES --------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY 728,766
OWNED BY
--------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
0
REPORTING
PERSON --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH 728,766
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,958,695*
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions) [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.9%*
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
PN
--------------------------------------------------------------------------------
* See Item 5 herein.
--------------------------------------------------------------------------------
---------------------- ------------------
CUSIP No. 461120 10 7 SCHEDULE 13D Page 14 of 51
---------------------- ------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Silver Point Capital Management, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
WC
--------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e)[ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF
SHARES --------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY 728,766
OWNED BY
--------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
0
REPORTING
PERSON --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH 728,766
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,958,695*
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions) [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.9%*
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
PN
--------------------------------------------------------------------------------
* See Item 5 herein.
--------------------------------------------------------------------------------
---------------------- ------------------
CUSIP No. 461120 10 7 SCHEDULE 13D Page 15 of 51
---------------------- ------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Silver Point Capital Management, LLC
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
WC
--------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e)[ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF
SHARES --------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY 728,766
OWNED BY
--------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
0
REPORTING
PERSON --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH 728,766
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,958,695*
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions) [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.9%*
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
OO
--------------------------------------------------------------------------------
* See Item 5 herein.
--------------------------------------------------------------------------------
---------------------- ------------------
CUSIP No. 461120 10 7 SCHEDULE 13D Page 16 of 51
---------------------- ------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Edward A. Mule
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
WC
--------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e)[ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF
SHARES --------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY 728,766
OWNED BY
--------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
0
REPORTING
PERSON --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH 728,766
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,958,695*
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions) [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.9%*
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
IN
--------------------------------------------------------------------------------
* See Item 5 herein.
--------------------------------------------------------------------------------
---------------------- ------------------
CUSIP No. 461120 10 7 SCHEDULE 13D Page 17 of 51
---------------------- ------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Robert O'Shea
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
WC
--------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e)[ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF
SHARES --------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY 728,766
OWNED BY
--------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
0
REPORTING
PERSON --------------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH 728,766
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,958,695*
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions) [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.9%*
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
IN
--------------------------------------------------------------------------------
* See Item 5 herein.
--------------------------------------------------------------------------------
---------------------- ------------------
CUSIP No. 461120 10 7 SCHEDULE 13D Page 18 of 51
---------------------- ------------------
INTRODUCTION
This Schedule 13D is being filed to report the formation of a group for the
purpose of acquiring, holding, voting or disposing of securities of UGC Europe,
Inc., a Delaware corporation (the "Company").
Item 1. Security and Issuer.
This statement relates to shares of the Company's Common Stock, $0.01 par value
per share (the "Common Stock"). The Company's principal executive offices are
located at 4643 South Ulster Street, Denver, CO 80237. The number of issued and
outstanding shares of Common Stock as of October 17, 2003, as reported in the
Company's Schedule 14D-9 filed on October 20, 2003, is 49,985,101.
Item 2. Identity and Background.
(a) This statement on Schedule 13D is being filed jointly on behalf of the
following persons (collectively, the "Reporting Persons"): (i) Perry
Corp., as managing general partner of Perry Partners, L.P., as investment
manager of Perry Partners International, Inc. and as investment manager of
Auda Classic, PLC ("Perry Corp."); (ii) Richard C. Perry, the sole
stockholder of Perry Corp.; (iii) Everest Capital Limited, as agent for
certain managed accounts ("Everest"); (iv) Salomon Brothers Asset
Management Inc, on behalf of certain fiduciary clients, ("SBAM"); (v)
Citigroup Financial Products Inc. (f/k/a Salomon Brothers Holding Company
Inc), the sole shareholder of SBAM, ("CFP"); (vi) Citigroup Global Markets
Holdings Inc. (f/k/a Salomon Smith Barney Holdings Inc.), the sole
shareholder of CFP ("CGMH"); (vii) Citigroup Inc., the sole shareholder of
CGMH ("Citigroup"); (viii) Silver Point Capital Fund, L.P. (the
"Partnership"); (ix) Silver Point Capital General Partner, LLC (the
"General Partner"); (x) Silver Point Capital Holdings, LLC ("SPCH"); (xi)
Silver Point Partners ("SPP"); (xii) Silver Point Capital, L.P. (the
"Investment Manager"); (xiii) Silver Point Capital Management, L.P.
("IMGP"); (xiv) Silver Point Capital Management, LLC ("SPCM"); (xv) Edward
A. Mule and (xvi) Robert O'Shea (viii-xvi collectively, "Silver Point").
Perry Corp. is the direct beneficial owner of the Company's Common Stock.
Richard C. Perry's beneficial ownership is indirect as a result of his
ownership of Perry Corp.
SBAM is the direct beneficial owner of the Company's Common Stock. CFP's
beneficial ownership is indirect as a result of its ownership of SBAM.
CGMH's beneficial ownership is indirect as a result of its ownership of
CFP. Citigroup's beneficial ownership is indirect as a result of its
ownership of CGMH.
The Partnership is a direct beneficial owner of the Company's Common
Stock. The General Partner, SPCH and SPP are indirect beneficial owners of
the Company's Common Stock as a result of their relationships to the
Partnership. The Investment
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CUSIP No. 461120 10 7 SCHEDULE 13D Page 19 of 51
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Manager, IMGP, SPCM, Edward A. Mule, and Robert O'Shea are indirect
beneficial owners of the Company's Common Stock as a result of their
relationships to the Partnership and Silver Point Capital Offshore Fund,
Ltd.
The indirect beneficial ownership interests of Richard C. Perry, CFP,
CGMH, Citigroup, the General Partner, SPCH, SPP, Investment Manager, IMGP,
SPCM, Edward A. Mule and Robert O'Shea are reported solely because Rule
13-d(1)(a) promulgated under the Securities Exchange Act of 1934, as
amended, (the "Exchange Act") requires any person who is "directly or
indirectly" the beneficial owner of more than five percent of any equity
security of a specific class to file a Schedule 13D within the specified
time period. The answers on blocks 8, 10, 11, and 13 on pages 3, 6, 7 and
8 above and the response in Item 5 below by Richard C. Perry, CFP, CGMH,
Cititgroup, the General Partner, SPCH, SPP, Investment Manager, IMGP,
SPCM, Edward A. Mule and Robert O'Shea are given on the basis of the
"indirect" beneficial ownership referred to in such Rule based on the
direct beneficial ownership of the Company's Common Stock and the
relationships between the entities given above.
(b) The principal business addresses for the Reporting Persons are as follows:
(i) Perry Corp.: 599 Lexington Avenue, New York, NY 10022;
(ii) Richard C. Perry: 599 Lexington Avenue, New York, NY 10022;
(iii) Everest: The Bank of Butterfield Building, 65 Front Street, 6th
Floor, Hamilton, Bermuda HMJX;
(iv) SBAM: 399 Park Avenue, New York, NY 10022;
(v) CFP: 388 Greenwich Street, New York, NY 10013;
(vi) CGMH: 388 Greenwich Street, New York, NY 10013;
(vii) Citigroup: 399 Park Avenue, New York, NY 10022; and
(viii) Silver Point: 600 Steamboat Road, Greenwich, CT 06830.
(c) The principal businesses of the Reporting Persons are as follows:
(i) Perry Corp. is a registered investment adviser that provides asset
management services to private investment funds;
(ii) Richard C. Perry is President, sole director, and sole stockholder of
Perry Corp.;
(iii) Everest is investment management of private investment vehicles and
managed accounts;
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CUSIP No. 461120 10 7 SCHEDULE 13D Page 20 of 51
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(iv) SBAM is a registered investment adviser that provides investment
management services to registered investment companies, individuals and
institutions on a discretionary basis;
(v) CFP is a holding company principally engaged, through its
subsidiaries, in securities brokerage, asset management and related
financial services;
(vi) CGMH is a holding company principally engaged, through its
subsidiaries, in securities brokerage, asset management and related
financial services; and
(vii) Citigroup is a diversified holding company that, through its
subsidiaries, provides a broad range of financial services to consumer and
corporate customers around the world.
The following information with respect to the executive officers and
directors of the corporate Reporting Persons is set forth on Schedule A,
attached hereto: (i) name; (ii) business address; (iii) the present
principal occupation or employment and the name, principal business and
address of any corporation or other organization in which such employment
is conducted; and (iv) citizenship. The information regarding the
executive officers and directors is provided solely by reason of
Instruction C to Schedule 13D; they are not Reporting Persons for purposes
of this Schedule 13D.
(d) None of the Reporting Persons or, to the best knowledge of the Reporting
Persons, any of the persons listed on Schedule A, has been convicted in a
criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) On April 28, 2003, Salomon Smith Barney, Inc., now known as Citigroup
Global Markets Inc. ("CGMI"), announced final agreements with the
Securities and Exchange Commission, the National Association of Securities
Dealers, the New York Stock Exchange and the New York Attorney General (as
lead state among the 50 states, the District of Columbia and Puerto Rico)
to resolve on a civil basis all their outstanding investigations into its
research and initial public offering allocation and distribution
practices. CGMI agreed to pay $300 million for retrospective relief, plus
$25 million for investor education, and committed to spend $75 million to
provide independent third-party research to its clients at no charge. CGMI
reached these final settlement agreements without admitting or denying any
wrongdoing or liability. The settlements do not establish wrongdoing or
liability for purposes of any other proceeding.
Other than described above, during the last five years, none of the
Reporting Persons or, to the best knowledge of the Reporting Persons, any
of the persons listed on Schedule A, was a party to a civil proceeding of
a judicial or administrative body of competent jurisdiction and as a
result of such proceeding was or is subject to a judgment, decree or final
order enjoining future violations of, or prohibiting or
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CUSIP No. 461120 10 7 SCHEDULE 13D Page 21 of 51
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mandating activities subject to, federal or state securities laws or
finding any violation with respect to such laws.
(f) Citizenship of the Reporting Persons is as follows:
(i) Perry Corp. is a New York corporation;
(ii) Richard C. Perry is a U.S. citizen;
(iii) Everest is a Bermuda corporation;
(iv) SBAM is a Delaware corporation;
(v) CFP is a Delaware corporation;
(vi) CGMH is a Delaware corporation;
(vii) Citigroup is a Delaware corporation; and
(viii) Silver Point is group of Delaware entities and United States
citizens.
Item 3. Source and Amount of Funds or Other Consideration.
The net investment cost (including commissions, if any) of the shares of Common
Stock beneficially owned by Perry Corp. and Richard C. Perry is $21,562,308.17.
The source of funds for this consideration was working capital.
The net investment cost (including commissions, if any) of the shares of Common
Stock beneficially owned by Everest is $19,778,387. The source of funds for this
consideration was working capital.
The net investment cost (including commissions, if any) of the shares of Common
Stock beneficially owned by SBAM, CFP, CGMH and Citigroup is $45,260,419. The
source of funds for this consideration was working capital.
The source of funds for the Common Stock beneficially owned by Silver Point was
working capital.
Item 4. Purpose of Transaction.
On October 6, 2003, UnitedGlobalCom, Inc. ("United") announced an exchange offer
for all of the outstanding publicly held shares of the Company that United and
its subsidiaries do not already own (the "Offer"). Pursuant to the terms of the
Offer, the Company's stockholders will receive 9 shares of United's Class A
common stock for each outstanding share of the
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CUSIP No. 461120 10 7 SCHEDULE 13D Page 22 of 51
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Company validly tendered and not withdrawn in the exchange offer. On October 17,
2003, Perry Corp., Everest, SBAM and Silver Point Capital (collectively, the
"Stockholders") reached an agreement in principle to act together as the
Committee to Obtain Fair Value for Minority Stockholders of UGC Europe, Inc.
(the "Committee"). The Stockholders formed the Committee because they are
disappointed with the exchange ratio and other issues relating to the value of
United's Offer. Although the Stockholders have no written agreement at this time
which sets forth the terms of their participation on the Committee, they have
agreed to take concerted action to obtain fair value for the Common Stock held
by the Stockholders and other minority stockholders of the Company.
As a result of their participation in the Committee, the Stockholders formed a
"group," within the meaning of Section 13(d) of the Exchange Act and Rule
13d-5(b)(1) thereunder. The formation of a group is deemed an acquisition by the
group of the shares held individually by the group's members. The filing of this
Schedule 13D is necessitated because the group holds more than 5% of the
outstanding Common Stock of the Company.
The Stockholders intend to take any and all action they deem appropriate to
maximize the value of their shares, including, without limitation, negotiating
together with representatives of the Company and United for, and otherwise
advocating, a fair price for their shares.
The Reporting Persons reserve the right to change their plans or intentions and
to take any and all actions that they may deem appropriate to maximize the value
of their investment, including, among other things, acquiring additional
securities of the Company, disposing of any securities of the Company owned by
them, or formulating other plans or proposals regarding the Company or its
securities to the extent deemed advisable by the Reporting Persons in light of
their general investment policies, market conditions, subsequent developments
affecting the Company and the general business and future prospects of the
Company.
Except as set forth above, the Reporting Persons do not have any current
intention, plan or proposal with respect to: (a) the acquisition by any person
of additional securities of the Company, or the disposition of securities of the
Company; (b) an extraordinary corporate transaction, such as a merger,
reorganization or liquidation, involving the Company or any of its subsidiaries;
(c) a sale or transfer of a material amount of assets of the Company or any of
its subsidiaries; (d) any change in the present board of directors or management
of the Company, including any plans or proposals to change the number or term of
directors or to fill any existing vacancies on the board; (e) any material
change in the present capitalization or dividend policy of the Company; (f) any
other material change in the Company's business or corporate structure; (g)
changes in the Company's charter, bylaws or instruments corresponding thereto or
other actions which may impede the acquisition of control of the Company by any
person; (h) causing a class of securities of the Company to be delisted from a
national securities exchange, if any, or cease to be authorized to be quoted in
an inter-dealer quotation system of a registered national securities
association; (i) a class of equity securities of the Company becoming eligible
for termination of a registration pursuant to Section 12(g)(4) of the Act; or
(j) any action similar to any of those enumerated above.
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CUSIP No. 461120 10 7 SCHEDULE 13D Page 23 of 51
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Item 5. Interest in Securities of the Issuer.
(a) As of the date hereof, the Reporting Persons have the following
interest in the securities of the Company:
(i) Perry Corp. beneficially owns 952,525 shares of Common Stock
and is the beneficial owner of 1.9% of the Common Stock.
(ii) Richard C. Perry, as the President, sole director and sole
stockholder of Perry is an indirect beneficial owner of
952,525 shares of Common Stock and the indirect beneficial
owner of 1.9% of the Common Stock.
(iii) Everest beneficially owns 576,521 shares of Common Stock and
is the beneficial owner of 1.2% of the Common Stock.
(iv) SBAM beneficially owns 1,700,880 shares of Common Stock and is
the beneficial owner of 3.4% of the Common Stock.
(v) CFP is an indirect beneficial owner of 1,700,880 shares of
Common Stock and is the indirect beneficial owner of 3.4% of
the Common Stock.
(vi) CGMH is an indirect beneficial owner of 1,700,880 shares of
Common Stock and is the indirect beneficial owner of 3.4% of
the Common Stock.
(vii) Citigroup is an indirect beneficial owner of 1,700,880 shares
of Common Stock and is the indirect beneficial owner of 3.4%
of the Common Stock.
(viii) Silver Point directly and indirectly beneficially owns
728,766 shares of the Common Stock and is the direct and
indirect beneficial owner of 1.5% of the Common Stock.
The Reporting Persons in the aggregate may be deemed to beneficially own
3,958,695 shares of Common Stock and 7.9% of the Common Stock.
(b) The table below sets forth for each Reporting Person, the
numbers of shares of Common Stock for which there is sole power to vote or to
direct the vote, shared power to vote or direct the vote, or sole or shared
power to dispose or to direct the disposition.
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CUSIP No. 461120 10 7 SCHEDULE 13D Page 24 of 51
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Sole Power Shared Sole Power Shared Power Percentage of Aggregate Percentage
to Vote/ Power to to Dispose/ to Dispose/ Common Stock Beneficial of Common
Direct Vote/ Direct Direct (not as a Ownership (2) Stock (as a
Vote (1) Direct Vote Disposition Disposition group) (1) group) (2)
(1) (1) (1)
Perry Corp. 952,525 0 952,525 0 1.9% 3,958,695 7.9%
Richard C
Perry (as
indirect
beneficial
owner) 952,525 0 952,525 0 1.9% 3,958,695 7.9%
Everest 576,521 0 576,521 0 1.2% 3,958,695 7.9%
SBAM 0 1,700,880 0 1,700,880 3.4% 3,958,695 7.9%
CFP 0 1,700,880 0 1,700,880 3.4% 3,958,695 7.9%
CGMH 0 1,700,880 0 1,700,880 3.4% 3,958,695 7.9%
Citigroup 0 1,700,880 0 1,700,880 3.4% 3,958,695 7.9%
Partnership 0 255,257 0 255,257 0.05% 3,958,695 7.9%
General Partner 0 255,257 0 255,257 0.05% 3,958,695 7.9%
SPCH 0 255,257 0 255,257 0.05% 3,958,695 7.9%
SPP 0 255,257 0 255,257 0.05% 3,958,695 7.9%
Investment
Manager 0 728,766 0 728,766 1.5% 3,958,695 7.9%
IMGP 0 728,766 0 728,766 1.5% 3,958,695 7.9%
SPCM 0 728,766 0 728,766 1.5% 3,958,695 7.9%
Edward A. Mule 0 728,766 0 728,766 1.5% 3,958,695 7.9%
Robert O'Shea 0 728,766 0 728,766 1.5% 3,958,695 7.9%
(1) Calculated in accordance with Rule 13d-3 of the Exchange Act, excluding
shares owned beneficially solely because of the formation of a group.
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CUSIP No. 461120 10 7 SCHEDULE 13D Page 25 of 51
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(2) Calculated in accordance with Rule 13d-3 and Rule 13d-5(b)(1) of the
Exchange Act, including shares owned beneficially solely because of the
formation of a group.
-----------------
(c) To the best knowledge of the Reporting Persons, there have been
no purchases or sales of the Company's stock by the Reporting Persons within the
last sixty days, except for the following open market transactions:
Perry Corp.
(1) On October 6, 2003, Perry Corp. sold 38,500 shares of Common
Stock at a price of $56.18 per share and 5,000 shares of Common Stock at a
price of $55.49 per share.
(2) On October 8, 2003, Perry Corp. purchased 21,800 shares of
Common Stock at a price of $$56.12 per share.
(3) On October 9, 2003, Perry Corp. purchased 24,081 shares of
Common Stock at a price of $57.23 per share.
(4) On October 10, 2003, Perry Corp. purchased 10,000 shares of
Common Stock at a price of $57.69 per share.
(5) On October 13, 2003, Perry Corp. purchased 2,800 shares of
Common Stock at a price of $59.00 per share and 6,925 shares of Common
Stock at a price of $58.26 per share.
(6) On October 14, 2003, Perry Corp. purchased 25,000 shares of
Common Stock at a price of $59.45 per share and 10,000 shares of Common
Stock at a price of $59.45 per share.
(7) On October 15, 2003, Perry Corp. purchased 2,300 shares of
Common Stock at a price of $60.19 per share.
(8) On October 16, 2003, Perry Corp. sold 30,000 shares of Common
Stock at a price of $62.20 per share and 1,000 shares of Common Stock at a
price of $62.24 per share.
(9) On October 17, 2003, Perry Corp. purchased 12,500 shares of
Common Stock at a price of $62.59 per share and 400 shares of Common Stock
at a price of $62.03 per share.
SBAM
(1) On September 3, 2003, SBAM sold 25,000 shares of Common Stock at
a price of $61.45 per share.
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CUSIP No. 461120 10 7 SCHEDULE 13D Page 26 of 51
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(2) On September 4, 2003, SBAM sold 21,800 shares of Common Stock at
a price of $60.77 per share.
(3) On September 5, 2003, SBAM sold 18,500 shares of Common Stock at
a price of $60.00 per share and 27,500 shares of Common Stock at a price
of $60.05 per share.
(4) On September 8, 2003, SBAM sold 12,800 shares of Common Stock at
a price of $59.50 per share and 30,600 shares of Common Stock at a price
of $59.90 per share.
(5) On September 9, 2003, SBAM sold 2,500 shares of Common Stock at
a price of $59.00 per share.
(6) On September 10, 2003, SBAM purchased 1,800 shares of Common
Stock at a price of $56.35 per share.
(7) On September 11, 2003, SBAM purchased 1,800 shares of Common
Stock at a price of $55.30 per share.
(8) On September 12, 2003, SBAM purchased 3,600 shares of Common
Stock at a price of $54.46 per share.
(9) On September 17, 2003, SBAM sold 10,000 shares of Common Stock
at a price of $57.71 per share.
(10) On September 19, 2003, SBAM sold 10,050 shares of Common Stock
at a price of $57.69 per share.
(11) On September 29, 2003, SBAM sold 9,200 shares of Common Stock
at a price of $54.40 per share and 1,754 shares of Common Stock at a price
of $54.00 per share.
(12) On October 1, 2003, SBAM purchased 7,800 shares of Common Stock
at a price of $52.22 per share.
(13) On October 2, 2003, SBAM purchased 3,500 shares of Common Stock
at a price of $52.25 per share.
(14) On October 8, 2003, SBAM purchased 5,100 shares of Common Stock
at a price of $56.21 per share.
(15) On October 14, 2003, SBAM sold 50,000 shares of Common Stock at
a price of $59.44 per share.
(16) On October 15, 2003, SBAM sold 24,360 shares of Common Stock at
a price of $62.12 per share.
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CUSIP No. 461120 10 7 SCHEDULE 13D Page 27 of 51
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The Partnership
(1) On September 17, 2003, the Partnership sold 8,750 shares of
Common Stock at a price of $57.43 per share.
(2) On September 25, 2003, the Partnership sold 8,750 shares of
Common Stock at a price of $56.44 per share.
(3) On September 26, 2003, the Partnership sold 8,750 shares of
Common Stock at a price of $53.35 per share.
(4) On October 3, 2003, the Partnership sold 7,000 shares of Common
Stock at a price of $53.76 per share.
(5) On October 6, 2003, the Partnership sold 10,500 shares of Common
Stock at a price of $56.35 per share.
(6) On October 7, 2003, the Partnership sold 70 shares of Common
Stock at a price of $56.60 per share.
(7) On October 8, 2003, the Partnership sold 7,455 shares of Common
Stock at a price of $56.25 per share.
(8) On October 9, 2003, the Partnership sold 15,750 shares of Common
Stock at a price of $56.74 per share.
Investment Manager
(1) On September 17, 2003, the Partnership sold 16,250 shares of
Common Stock at a price of $57.43 per share.
(2) On September 25, 2003, the Partnership sold 16,250 shares of
Common Stock at a price of $56.44 per share.
(3) On September 26, 2003, the Partnership sold 16,250 shares of
Common Stock at a price of $53.35 per share.
(4) On October 3, 2003, the Partnership sold 13,000 shares of Common
Stock at a price of $53.76 per share.
(5) On October 6, 2003, the Partnership sold 19,500 shares of Common
Stock at a price of $56.35 per share.
(6) On October 7, 2003, the Partnership sold 130 shares of Common
Stock at a price of $56.60 per share.
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CUSIP No. 461120 10 7 SCHEDULE 13D Page 28 of 51
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(7) On October 8, 2003, the Partnership sold 13,845 shares of Common
Stock at a price of $56.25 per share.
(8) On October 9, 2003, the Partnership sold 29,250 shares of Common
Stock at a price of $56.74 per share.
(d) The limited partners of (or investors in) each of two or more
private investment funds for which Perry Corp. acts as general partner and/or
investment adviser have the right to participate in the receipt of dividends
from, or proceeds from the sale of, the shares held for the accounts of their
respective funds in accordance with their respective limited partnership
interests (or investment percentages) in their respective funds.
The General Partner, as general partner of the Partnership, has the
power to direct its affairs, including decisions concerning the voting and
disposition of the shares. SPCH is the managing member of the General Partner
and in that capacity its operations. SPP is the managing member of SPCH and in
that capacity directs its operations.
The Investment Manager, as investment manager to the Partnership and
Silver Point Capital Offshore Fund, Ltd., a Cayman Islands exempted company (the
"Offshore Fund"), has the power to vote and dispose of shares held directly by
each of the Partnership and Offshore Fund. IMGP is the general partner of
Investment Manager, and in that capacity directs its operations. SPCM is the
managing member of IMGP and that capacity directs its operations.
Edward A. Mule and Robert O'Shea are the managing members of SPCM
and the partners of SPP and in such capacities direct the operations of each.
No person other than the remaining Reporting Persons is known to
have the right to receive or the power to direct the receipt of dividends from
or the proceeds from the sale of such Common Stock.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to
Securities of the Issuer.
Although the Stockholders do not have a written agreement at this time which
sets forth the terms of their participation on the Committee, they have agreed
to take concerted action to obtain fair value for the Common Stock held by the
Stockholders and other minority stockholders of the Company.
Except for the arrangements described in Item 5(d) above, to the best knowledge
of the Reporting Persons, there are no other contracts, arrangements,
understandings or relationships
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CUSIP No. 461120 10 7 SCHEDULE 13D Page 29 of 51
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(legal or otherwise) among the persons named in Item 2 and between such persons
and any other person with respect to any securities of the Company, including
but not limited to, transfer of voting of any of the securities, finder's fees,
joint ventures, loan or option arrangements, puts or calls, guarantees of
profits, division of profits or loss, or the giving or withholding of proxies.
Item 7. Materials to be Filed as Exhibits.
EXHIBIT 1 Letter, dated October 17, 2003, from the Stockholders to the
Company's Special Committee of Independent Directors to notify it of
their disappointment relating to the terms of the proposed exchange
offer between United and the Company and of their formation of the
Committee to Obtain Fair Value for Minority Stockholders of UGC
Europe, Inc.
EXHIBIT 2 Press Release, dated October 19, 2003.
EXHIBIT 3 Joint Filing Agreement, dated October 27, 2003.
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CUSIP No. 461120 10 7 SCHEDULE 13D Page 30 of 51
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Signature.
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true, complete and
correct.
SALOMON BROTHERS ASSET
MANAGEMENT INC, on behalf of
certain fiduciary clients
By: /s/ Robert M. Donahue, Jr.
----------------------------
Name: Robert M. Donahue, Jr.
Title: Managing Director
Date: 10/27/03
CITIGROUP FINANCIAL PRODUCTS INC
(f/k/a Salomon Brothers
Holding Company Inc)
By: /s/ Serena D. Moe
-------------------
Name: Serena D. Moe
Title: Assistant Secretary
Date: 10/27/03
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CUSIP No. 461120 10 7 SCHEDULE 13D Page 31 of 51
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CITIGROUP GLOBAL MARKETS
HOLDINGS INC. (f/k/a Salomon Smith
Barney Holdings Inc)
By: /s/ Serena D. Moe
---------------------
Name: Serena D. Moe
Title: Assistant Secretary
Date: 10/27/03
CITIGROUP INC.
By: /s/ Serena D. Moe
---------------------
Name: Serena D. Moe
Title: Assistant Secretary
Date: 10/27/03
PERRY CORP., as Managing General
Partner of Perry Partners, L.P.
By: /s/ Paul Leff
-----------------
Name: Paul Leff
Title: Senior Managing Director
Date: 10/27/03
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CUSIP No. 461120 10 7 SCHEDULE 13D Page 32 of 51
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PERRY CORP., as Investment Manager of
Perry Partners International, Inc.
By: /s/ Paul Leff
---------------
Name: Paul Leff
Title: Senior Managing Director
Date: 10/27/03
PERRY CORP., as Investment Manager of
Auda Classic, PLC
By: /s/ Paul Leff
---------------
Name: Paul Leff
Title: Senior Managing Director
Date: 10/27/03
By: /s/ Richard C. Perry
---------------------
Name: Richard C. Perry
Date: 10/27/03
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CUSIP No. 461120 10 7 SCHEDULE 13D Page 33 of 51
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EVEREST CAPITAL LIMITED, as agent for
certain managed accounts
By: /s/ Malcolm Stott
------------------
Name: Malcolm Stott
Title: Chief Operating Officer
Date: 10/27/03
By: /s/ Edward A. Mule
-------------------
Name: Edward A. Mule,
individually and (a) as partner
of Silver Point Partners, for
itself and as managing member of
Silver Point Capital Holdings,
LLC, for itself and as managing
member of Silver Point Capital
General Partner, LLC, for itself
and as general partner of Silver
Point Capital Fund, L.P.; and
(b) as managing member of Silver
Point Capital Management, LLC,
for itself and as the general
partner of Silver Point Capital
Management, L.P., for itself and
as the general partners of
Silver Point Capital, L.P.
Date: 10/27/03
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CUSIP No. 461120 10 7 SCHEDULE 13D Page 34 of 51
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By: /s/ Robert O'Shea
------------------
Name: Robert O'Shea
Date: 10/27/03
SCHEDULE A
I. Officers and Directors at Perry Corp. (other than Richard C. Perry):
Name and Principal Occupation Citizenship Business Address
----------------------------- ----------- ----------------
USA
Randall Borkenstein c/o Perry Corp.
Chief Financial Officer 599 Lexington Ave,
36th Floor
New York, NY 10022
William J. Vernon USA c/o Perry Corp.
Secretary 599 Lexington Ave,
36th Floor
New York, NY 10022
II. Officers and Directors at Everest:
Name and Principal Occupation Citizenship Business Address
----------------------------- ----------- ----------------
Malcolm Stott British The Bank of Butterfield
Building
Chief Operating Officer 65 Front Street, 6th Floor
and Director Hamilton, Bermuda HMJX
III. Officers and Directors at Salomon Brothers Asset Management Inc.:
Principal Occupation
Name and Title Citizenship and Business Address
-------------- ----------- --------------------
Virgil H. Cumming USA Chief Investment Officer
Director Retail & High Net Worth
Citigroup Asset Management
399 Park Avenue
New York, NY 10022
Evan Merberg USA Chief Administrative
Director Officer Citigroup Asset
Management
399 Park Avenue
New York, NY 10022
Peter Wilby USA Chief Investment Officer
Director and Executive Officer North American Fixed Income
Citigroup Asset Management
399 Park Avenue
New York, NY 10022
William Arnold USA Chief Financial Officer
Executive Officer Citigroup Asset Management
399 Park Avenue
New York, NY 10022
IV. Officers and Directors at Citigroup Inc.:
Principal Occupation
Name and Title Citizenship and Business Address
-------------- ----------- --------------------
C. Michael Armstrong USA Chairman
Director Comcast Corporation
114 Avenue of the Americas
21st Floor
New York, NY 10036
Alain J. P. Belda Brazil Chairman and Chief Executive
Director Officer
Alcoa
390 Park Avenue, 11th Floor
New York, NY 10022
George David USA Chairman and Chief Executive
Director Officer
United Technologies
Corporation
One Financial Plaza
Hartford, CT 06101
Kenneth T. Derr USA Chairman, Retired
Director Chevron Texaco Corporation
345 California Street
Room 3016
San Francisco, CA 94104
John M. Deutch USA Institute Professor
Director Massachusetts Institute of
Technology
77 Massachusetts Ave.,
Room 6-208
Cambridge, MA 02139
The Honorable Gerald R. Ford USA Former President of the
Honorary Director United States
40365 Sand Dune Road
Rancho Mirage, CA 92270
Roberto Hernandez Ramirez Mexico Chairman of the Board
Director Banco Nacional de Mexico
Actuario Roberto Medellin
No. 800
5th Floor
Col. Sante Fe, 01210
Mexico City, Mexico
Ann Dibble Jordan USA Consultant
Director 2940 Benton Place, NW
Washington, DC 20008-2718
Dudley C. Mecum USA Managing Director
Director Capricorn Holdings, LLC
30 East Elm Street
Greenwich, CT 06830
Richard D. Parsons USA Chairman and Chief Executive
Director Officer
Time Warner Inc.
75 Rockefeller Plaza,
29th Floor
New York, NY 10019
Andrall E. Pearson USA Founding Chairman
Director Yum! Brands, Inc.
41 Meadow Wood Drive
Greenwich, CT 06830
Charles Prince USA Chief Executive Officer
Director and Executive Officer Citigroup Inc.
399 Park Avenue, 2nd Floor
New York, NY 10022
Robert E. Rubin USA Member of the Office of the
Director and Executive Officer Chairman
Citigroup Inc.
399 Park Avenue, 3rd Floor
New York, NY 10022
Franklin A. Thomas USA Consultant
Director TFF Study Group
595 Madison Avenue,
33rd Floor
New York, NY 10022
Sanford I. Weill USA Chairman of the Board
Director and Executive Officer Citigroup Inc.
399 Park Avenue, 3rd Floor
New York, NY 10022
Robert B. Willumstad USA President and Chief
Director and Executive Officer Operating Officer
Citigroup Inc.
399 Park Avenue, 2nd Floor
New York, NY 10022
Arthur Zankel USA Senior Managing Member
Director High Rise Capital
Management, L.P.
535 Madison Avenue,
26th Floor
New York, NY 10022
Sir Winfried F. W. Bischoff United Chairman
Executive Officer Kingdom Citigroup Europe
and 33 Canada Square
Germany Canary Wharf
London E14 5LB
United Kingdom
Michael A. Carpenter USA Chairman and Chief Executive
Executive Officer Officer
Citigroup Global Investments
399 Park Avenue, 3rd Floor
New York, NY 10022
Robert Druskin USA Chief Executive Officer and
Executive Officer President Citigroup Global
Markets Holdings Inc.,
Citigroup Financial Products
Inc. and Citigroup Global
Markets Inc.
388 Greenwich Street, 39th
Floor
New York, NY 10013
Stanley Fischer USA Vice Chairman
Executive Officer Citigroup Inc.
399 Park Avenue, 10th Floor
New York, NY 10022
William P. Hannon USA Controller and Chief
Executive Officer Accounting Officer
Citigroup Inc.;
Managing Director
Citigroup Business Services
399 Park Avenue, 3rd Floor
New York, NY 10022
Michael S. Helfer USA General Counsel and
Executive Officer Corporate Secretary
Citigroup Inc.
399 Park Avenue, 3rd Floor
New York, NY 10022
Thomas W. Jones USA Chairman and Chief Executive
Executive Officer Officer Global Investment
Management and Private
Banking Group
399 Park Avenue, 4th Floor
New York, NY 10022
Sallie L. Krawcheck USA Chairman and Chief Executive
Executive Officer Officer
Smith Barney
388 Greenwich Street, 39th
Floor
New York, NY 10013
Marjorie Magner USA Chairman and Chief Executive
Executive Officer Officer
Global Consumer Group
399 Park Avenue, 2nd Floor
New York, NY 10022
Michael T. Masin USA Vice Chairman and Chief
Executive Officer Operating Officer
Citigroup Inc.
399 Park Avenue, 3rd Floor
New York, NY 10022
Sir Deryck C. Maughan United Vice Chairman
Executive Officer Kingdom Citigroup Inc.
399 Park Avenue, 3rd Floor
New York, NY 10022
Victor J. Menezes USA Senior Vice Chairman
Executive Officer Citigroup Inc.
399 Park Avenue, 3rd Floor
New York, NY 10022
William R. Rhodes USA Senior Vice Chairman
Executive Officer Citigroup Inc.
399 Park Avenue, 3rd Floor
New York, NY 10022
Todd S. Thomson USA Chief Financial Officer
Executive Officer Citigroup Inc.
399 Park Avenue, 3rd Floor
New York, NY 10022